Accounting question and answers for July 02, 2023
- Q Jackson County Senior Services is a nonprofit organizationdevoted to providing essential services to seniors who live intheir own homes within the Jackson County area. Three services areprovided for seniors—home nursing,...
- Q Butrico Manufacturing Corporation uses a standard cost system,records materials price variances when direct materials arepurchased, and prorates all variances at year-end. Variancesassociated with direct materials are prorated based on the...
- Q What is a cash flow hedge of a foreign currency receivable?
- Q Consider a two-period binomial model for the stock price withboth periods of length one year. Let the initial stock price be S0= 100. Let the up and down factors be...
- Q Kitchen Magician, Inc. has assembled the following datapertaining to its two most popular products.BlenderElectric MixerDirect material$17$26Direct labor1038Manufacturing overhead @ $44 per machine hour4488Cost if purchased from an outside supplier64132Annual demand...
- Q Standard costs facilitate management planning. What are theother advantages of standard costs?
- Q Discussion 04.2: Indirect and Direct CostUse your household as a pretend organization.List each family member as a cost object within your pretendfamily organization.For your household organization, list all expenses and...
- Q Explain why companies hedge foreign risks?
- Q Exercise 5-10 Multiproduct Break-Even Analysis [LO5-9]Lucido Products markets two computer games: Claimjumper andMakeover. A contribution format income statement for a recent monthfor the two games appears below:ClaimjumperMakeoverTotalSales$114,000$57,000$171,000Variable expenses42,0409,26051,300Contribution margin$71,960$47,740119,700Fixed expenses80,220Net...
- Q MapleTown Co., manufactures clamps used in the overhead binlatches of several Bobbleairplane models. Jimmy Bacon, president of MapleTown Co., hasgathered and provided youthe following cost information from the company’s accountingrecords...
- Q Apollo Shoes, Inc.Cash Lead SchedulePrepared byFor Year Ended 12/31/2017Reviewed byPBC(Audited)UnauditedBalanceBalanceAcct #Account Title12/31/1612/31/1710100Cash on Hand$1,987.28$2,275.2310200Regular Checking$198,116.52$557,125.9210300Payroll Checking$0.00$0.0010400Savings$3,044,958.13$3,645,599.15---------------------------------------------------------------------------------------------------------------$3,245,061.93$4,205,000.30Date: 28 JAN 2018 15:37:42 +0000From: "Darlene Wardlaw" <[email protected]>Subject: Audit of Accounts ReceivableWe received a...
- Q Accounting . Can you please assist meMarble Inc acquired 25% of New Metal Enterprise for $2,000,000on January 1,2013 The fair value and book value of 25%...
- Q Matheson Electronics has just developed a new electronic devicethat it believes will have broad market appeal. The company hasperformed marketing and cost studies that revealed the followinginformation:New equipment would have...
- Q Eastwind Corp. had $1,000,000 net income in 2015. On January 1,2015 there were 200,000 shares of common stock outstanding. OnApril 1, 20,000 shares were issued and on September 1, Adcockbought...
- Q A lcompany is trying to upgrade its current equipements, whichhas an initial fee of $30,000. The upgrade is expected to save them$5,000 in year 1 and increase by $500 each...
- Q Some balance sheet information is shown here (all values nmillions of dollars). see at the endquestions:a. What change in the book value of thecompany's equity took place at the end...
- Q please write special journals: sales journal, PURCHASESJOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNALWeek 1DateTransaction description1Obtained a loan of $48,000 fromMRMC Bank at a simple interest rate of 6% per year. The firstinterest...
- Q The following selected account balances were taken from thetrial balance of Dallas Corporation as ofJune 30, 2018. All accounts have normal balances.Sales $1,678,500SalesDiscounts 31,150CommonStock 1,300,000Salaries Expense –Sales 61,110Depreciation Expense – OfficeFurniture 7,250Equipment 880,360Travel Expense –Sales 28,930Freight-Out (DeliveryCosts) 21,400Depreciation...
- Q 1. On November 30, 2017, Rocky Co. decided to dispose of acomponent A. The sale was not completeat the end of 2017. During 2017, this component generatedoperating income of $200,000....
- Q 2. On November 30, 2017, MoBull Co. decided to dispose of asegment B. The sale was not complete atthe end of 2017. During 2017, segment B generated operatingincome of $300,000....
- Q Exercise 5-13 Changes in Selling Price, Sales Volume, VariableCost per Unit, and Total Fixed Costs [LO5-1, LO5-4]Miller Company’s contribution format income statement for themost recent month is shown below:TotalPer UnitSales...
- Q So I did the Milestone 1 already and it seems to be correct. Butnow i need to do the Milestone 2Please help.Street SweepMILESTONE 1 - Variable & Fixed CostExerciseINSTRUCTIONS:Determine the...
- Q Problem 5A-7 Cost Behavior; High-Low Method; Contribution FormatIncome Statement [LO5-10]Morrisey & Brown, Ltd., of Sydney is a merchandising companythat is the sole distributor of a product that is increasing inpopularity...
- Q find a patternin the following sequences and write thenext two terms. classify each seqences as arithmetic geometic orneither 1,4,16,64, and 3,6,9,12
- Q Ridge is a generous individual. During the year, he madeinterest-free loans to various family members when the Federalinterest rate was 3%. What are the Federal tax consequences of thefollowing loans...
- Q Walsh Company manufactures and sells one product. The followinginformation pertains to each of the company’s first two years ofoperations:Variable costs per unit:Manufacturing:Direct materials$25Direct labor$12Variable manufacturingoverhead$2Variable selling andadministrative$1Fixed costs per year:Fixed...
- Q In the blank space provided for each type of “accounting change”or “transaction correction” listed below, indicate whether thechange/correction is: Change in Accounting Principle, Change inAccounting Estimate, Change in Reporting Entity,...
- Q Matt and Meg Comer are married and file a joint tax return. Theydo not have any children. Matt works as a history professor at alocal university and earns a salary...
- Q Alexander Corporation reports the following components ofstockholders’ equity on December 31, 2016: Common stock—$25 parvalue, 70,000 shares authorized, 42,000 shares issued andoutstanding $ 1,050,000 Paid-in capital in excess of par...
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales300,00020Variable expenses210,00014Contribution margin90,0006Fixed expenses72,600Net operating income17,400Required:1. What is the monthly break-even point in unit sales and...
- Q Todd Corporation had pre-tax income for 2017 of $2,500,000. OnDecember 31, 2017, Boyd disposed of a component of its businessthat represented a strategic shift in operation. That component hada Loss...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $80 per unit. Variable expenses are $40.00per unit, and fixed expenses total $180,000 per year. Its operatingresults for last year...
- Q riverbend inc. received a $367500 dividend from stockit held in Hobble corporation. riverbends taxable income is$2450000 before deducting the dividends received deduction, a$60500 NOL carryover, and a $138,000 charitable contribution.a....
- Q High Country, Inc., produces and sells many recreationalproducts. The company has just opened a new plant to produce afolding camp cot that will be marketed throughout the UnitedStates. The following...
- Q CI manufactures car doors using two main process operationsStamping & Pressing and information on the business is as shownbelow:-STAMPINGPRESSINGANNUAL CAPACITY6,000 hrs6,000 hrsCapacity per hr20 units15 unitsAnnual production90,000 units90,000 unitsDepartment Fixed...
- Q Conduct the appropriate research and compare and contrastforecasting techniques. Discuss your findings in 150 to 180words.
- Q 1. If you were to consider yourself and entrepreneur, would yourather start your own business or buy an existing one? Justify andexplain your answer thoroughly.2.. Given y our answer to...
- Q Ive been tasked with creating a cash flow statement for thebelow balance sheet item and profit and loss items, I've finishedit on my own but the operating activities im not...
- Q Marjorie Knaus, an architect, organized Knaus Architects onJanuary 1, 2018. During the month, Knaus Architects completed thefollowing transactions:A.Issued common stock to MarjorieKnaus in exchange for $46,100.B.Paid January rent for office...
- Q Discussion Question 1: As a manager or owner,what insight can accounting information about accounts receivableand bad debts provide you to help make business decisions?Discussion Question 2: Whichdepreciation method would choose...
- Q A company preparing for a Chapter 7 liquidation has thefollowing liabilities:• Note payable A of $98,000 secured by land having a book valueof $54,000 and a fair value of $74,000.•...
- Q Elizabeth is an interior designer who has worked with some ofthe greats and started her new business as a sole trader on 1 Julyof the current tax year. She operates...
- Q Steve purchased a newsagency business on 1 July nine years agofor $180 000 by taking out an interest only loan for $180 000 withthe Queensland Bank at 9% interest for...
- Q Imagine that you are preparing taxes for a local tax serviceprovider. A married couple named Judy and Walter Townson have cometo you to seeking assistance with their federal income taxes.During...
- Q 1. Packaging Solutions Corporation manufactures and sells a widevariety of packaging products. Performance reports are preparedmonthly for each department. The planning budget and flexiblebudget for the Production Department are based...
- Q Required informationUse the following information to answer questions[The following information applies to the questionsdisplayed below.]The following information is available for Lock-Tite Company, whichproduces special-order security products and uses a job...
- Q Hoover Company signs a four month promissory note for $ 270,000on January? 31, 2016. The company is required to pay $ 67, 500 onthe note each month. The first payment...
- Q Exercise 5-9 Compute and Use the Degree of Operating Leverage[LO5-8] Engberg Company installs lawn sod in home yards.The company’s most recent monthly contribution format incomestatement follows: Amount Percent of Sales...
- Q In January 2018, the Paper Division of Dunder Mifflin Inc.purchased a piece of property in Scranton, Pennsylvania for$475,000. Other fees associated with the purchase, includingclosing costs and realtor commissions, totaled...
- Q Dimash Inc.is a recreational outfitterthatprovidesqualityproducts based around fun and water. The Company is now consideringexpanding its offerings to include specialty touring kayaks. KayakBy Designconceptgrew out of inspirationand experienceof itsresident sportsman...
- Q In February 2012, the Australian Accounting Standards Boardsdecided at its meeting to propose the withdrawal of AASB 1031Materiality. There were several reasons for this proposal whichincludes: there is no International...
- Q ActivityDriverDriver FrequencyCost of ActivityDirect LaborDirect Labor Hours 50,000$ 1,250,000.00VacuumingMachine Hours 2,000$ 62,000.00Set-upJob 5,000$ 200,000.00TestingTests made 5,000$ 60,000.00Customer serviceOrders taken 1,200$ 30,000.00InvoicingInvoices mailed 2,400$ 48,000.00Total$ 1,650,000.00ActivityPool OpeningPump RepairPool CleaningMaterials350100050Direct Labor Hours15402Vacuuming302Set-up111Testing302Orders taken111Invoices221Add 35% profit onto every job.a. ...
- Q On April 1, Sangvikar Company had the following balances in itsinventory accounts:Materials Inventory$12,530Work-in-Process Inventory21,430Finished Goods Inventory8,820Work-in-process inventory is made up of three jobs with thefollowing costs:Job 114Job 115Job 116Direct materials$2,383$2,673$3,004Direct...
- Q The Shirt Shop had the following transactions for T-shirts for2018, its first year of operations:Jan. 20 Purchased 420 units @ $ 9 = $ 3,780Apr. 21 Purchased 150 units @...
- Q Recent changes in how employees receive retirement, e.g. througha defined contribution plan vs. a defined benefit plan, have causedmany to question whether they can retire at the age they expected.Please...
- Q 13.2 Unilateral MistakeThe County of Contra Costa, California, held a tax sale in whichit offered for sale a vacant piece of property located in the cityof El Cerrito. Richard J....
- Q Enumerate allowable deductions and explain the kinds of personalexemptions allowed based on "Train" Law.
- Q Presented below are the comparativeDecember 31 financial statements for Noland Plumbing (in $Millions). Prepare the operating section of the statement of cashflows for December 31, Year 2 using the indirect...
- Q On December 31, 2019, Sumner Company held Wall Company bonds inits portfolio of trading securities. The bonds have a par value of$40,000, carry a 10% annual interest rate, mature in...
- Q Solve the follwing ProblemWeighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data onpurchases and sales for a three-month period are as follows:DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory7,500$75.00$562,50010Purchase22,50085.001,912,50028Sale11,250150.001,687,50030Sale3,750150.00562,500Feb....
- Q Whydo we have a tax system?
- Q Surgery Center is an outpatient surgical clinic that wasprofitable for many years, but Medicare has cut its reimbursementsby as much as 30%. As a result, the clinic wants to betterunderstand...
- Q 1) How does managerial accounting differ from financialaccounting? Please refer to the following elements:• Internal versus External• Objective/Verifiable versus Relevant• Type of report (Summary versus Detailed)
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing difficultyfor some time. The company’s contribution format income statementfor the most recent month is...
- Q Interest during ConstructionDexter Construction Corporation is building a studentcondominium complex; it started construction on January 1, Year 1.Dexter borrowed $1 million specifically for the project by issuinga 10%, 5-year, $1...
- Q Determining where entities with multistate presence may havenexus can be a difficult task
- Q It is necessary to process accounting data to comply with taxreporting requirements. What accounting data should be recorded inan organisation and why should it be recorded? (In Australianaccounting and taxation...
- Q KC, a fast-food restaurant, serves fried chicken, fried fish,and French fries. The managers have estimated the costs of a batchof fried chicken for KC's all-you-can-eat Friday Fried Fiesta. Eachbatch must...
- Q What are some unusual account in accounting that might result innew and unique activity?
- Q Weston Products manufactures an industrial cleaning compoundthat goes through three processing departments—Grinding, Mixing,and Cooking. All raw materials are introduced at the start of workin the Grinding Department. The Work in...
- Q Cost of Production Report: Average Cost MethodUse the average cost method with the following data:Work in process, December 1, 6,700 units, 70% completed$52,997Materials added during December from Weaving Department,126,600 units972,288Direct...
- Q 8.Landen Corporationuses a job-order costing system. At the beginning of the year, thecompany made the following estimates:Direct labor-hoursrequired to support estimated production145,000Machine-hours required to supportestimated production72,500Fixed manufacturing overhead cost$406,000Variable manufacturing...
- Q The Perth Mining Company owns the mining rights to severaltracts of land on which metals have been found in the past. Theamount of precious metals on some of the tracts...
- Q structionsOld School Publishing Inc. began printing operations on January1. Jobs 301 and 302 were completed during the month, and all costsapplicable to them were recorded on the related cost sheets....
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